Developer snaps ups mixed-use site in Melbourne's Carnegie

A site with mixed-use development potential at Carnegie in Melbourne’s inner south-east has been snapped up by a local private developer for an undisclosed sum.

The 360 Neerim Road property comprises a 568 square metre corner site with an existing building generating short-term holding income of $55,140 per annum net.

The selling agents were Julian Heatherich and Jesse Radisich of Savills.

A development scheme prepared for the property includes 13 large apartments and ground-level retail, said Heatherich.

The site is positioned between the Carnegie and Murrumbeena retail precincts and train stations and close Chadstone Shopping Centre, Monash University, schools and parks.

"As such it offers developers excellent potential for the sort of residential and retail project described in the development scheme,’’ Heatherich said.

The vendor was a local private investor.